NATICK, MA January 16, 2007
Cognex Announces Death of Audit Committee Member Leads to Receipt of Deficiency Letter from NASDAQ
NATICK, MA, January 16, 2007 — Cognex Corporation (NASDAQ: CGNX) previously announced on January 4, 2007 that William A. Krivsky, a member of Cognex’s board of directors and a member of its audit committee, died on December 23, 2006. As a result of Mr. Krivsky’s death, Cognex’s audit committee currently consists of only two members, Mr. Jerald G. Fishman and Mr. Reuben Wasserman. Nasdaq’s Marketplace Rule 4350(d)(2)(A) requires each listed issuer to have an audit committee that consists of at least three independent members, and, as a result, Nasdaq Listing Qualifications Department sent a Staff Deficiency Letter to Cognex informing it that Cognex was no longer in compliance with Nasdaq’s audit committee requirement. Under Marketplace Rule 4350, Cognex was given until June 21, 2007 to add a third independent member to its audit committee at which time it will regain compliance. Cognex initiated a search to fill that position soon after Mr. Krivsky’s death, and expects to make an appointment on or prior to the deadline date.
Cognex Corporation designs, develops, manufactures, and markets machine vision sensors and systems, or devices that can "see." Cognex vision sensors are used in factories around the world to automate the manufacture of a wide range of items and to assure their quality. Cognex is the world's leader in the machine vision industry, having shipped more than 350,000 machine vision systems, representing over $2 billion in cumulative revenue, since the company's founding in 1981. In addition to its corporate headquarters in Natick, Massachusetts, Cognex also has regional offices and distributors located throughout North America, Japan, Europe, Asia, and Latin America.
Director of Investor Relations